Creativity Innovation and Entrepreneurial Manager 1
Creativity Innovation and Entrepreneurial Manager 1
Creativity Innovation and Entrepreneurial Manager 1
INNOVATION AND
ENTREPRENEURIAL
MANAGER
2
LEARNING OBJECTIVES
After reading this chapter, you should be able to:
INTRODUCTION
Even though creativity and innovation are frequently used
interchangeably, there are fundamental distinctions between the
two concepts.
Creativity – is about developing ideas, processes, or concepts.
Innovation – is the process of translating an idea or invention into
a good or service that creates value or for which customers will
pay.
Without creativity, there would be no innovation, as creativity is
the foundation on which innovation emerges, develops, and
grows. Creativity can lead to commercialized innovation, but to
be successful, the creativity and innovation must create new
value for customers and generate return.
Creativity is a process that can lead to incremental
improvements or breakthrough innovations. While
breakthrough innovations such as penicillin, the
computer, and the automobile are wonderful, most
innovations make incremental improvements to
existing product line rather than bringing something
radically new to the market.
CREATIVE PROCESS
3 KEY ASPECTS OF ORGANIZATIONAL CREATIVITY
1. Knowledge – Knowledge of the course of action is required for
opportunity identification, problem-solving and decision
making.
2. Drive – refers to the passion, desire, and motivation to do
something new and novel with the confidence to proceed as
a first mover.
3. Ability – refers to the ways in which an individual seeks to
identify a solution to a problem by adopting diverse and
creative techniques in order to accurately assess and
evaluate the situation and identify the best, viable course of
action.
7
TRENDS
A trend often provides a great opportunity for starting a new venture
particularly when the entrepreneur can be at the start of a trend that
will last a considerable period of time. There are 7 trends occurring
today include:
TYPES OF INNOVATION
• BREAKTHROUGH INNOVATION
• TECHNOLOGICAL INNOVATION
• ORDINARY INNOVATION
DESIGN THINKING
The process of design thinking as a strategy of innovation puts
together creative thinking, logical thinking and experimentation
in the face of a lot of testing and prototyping in order to
achieve the perfect product for the end-user.